If you are planning to purchase a bike or scooter, you may have already started looking for an appropriate insurance cover for the same. Bike insurance is not only vital for its safety, but is also mandated by the law in India. According to the Motor Vehicles Act of 1988, every two wheeler and three wheeler plying on public roads in India need to have valid insurance coverage.
Do you know how your two-wheeler insurance will save you in case of any unforeseen incident? To get a better idea of the same, first you need to know about the two kinds of vehicular insurance provided by most companies.
1. Third-party liability
This is the most basic form of insurance for your bike. If you are covered with a third-party liability plan, the insurance company will pay the damages caused to the third-party in case you are involved in an accident. However, you cannot claim any money for the damage caused to your bike and property in the same accident under the third-party liability insurance coverage.
2. Comprehensive coverage
While applying for the bike insurance online, you may often come across the term comprehensive coverage. Basically, this is a type of insurance where the company is liable to pay for the damages caused to both the third-party and you in case of an unforeseen incident. Apart from this overall coverage, a comprehensive plan often allows you to claim damages to your bike in case of riots, terrorist activities, storms, landslides and other natural calamities.
Why is insurance for your bike important?
Bike insurance is important for a number of reasons. These include,
• Ensuring that the two-wheeler can be repaired without you having to bear the cost of the repair work.
• Ensuring that the third-party involved in the accident does not suffer a huge loss as a result of the same.
• Bike insurance is also legally mandated and any two-wheeler without proper insurance coverage can be booked or fined by the law.
Just like you invest in a good health insurance for the safety of your family, an insurance for your new two-wheeler will ensure that your bike or scooter stays safe on the road. By paying a very reasonable premium amount, you can save a larger sum of money when it comes to repairing the vehicle after an accident.
While applying for the bike insurance online, remember to check the no-claim bonus options and other aspects of the plan. You can modify the coverage of most plans in order to get the kind of coverage you desire for your two-wheeler.
Do you know how your two-wheeler insurance will save you in case of any unforeseen incident? To get a better idea of the same, first you need to know about the two kinds of vehicular insurance provided by most companies.
1. Third-party liability
This is the most basic form of insurance for your bike. If you are covered with a third-party liability plan, the insurance company will pay the damages caused to the third-party in case you are involved in an accident. However, you cannot claim any money for the damage caused to your bike and property in the same accident under the third-party liability insurance coverage.
2. Comprehensive coverage
While applying for the bike insurance online, you may often come across the term comprehensive coverage. Basically, this is a type of insurance where the company is liable to pay for the damages caused to both the third-party and you in case of an unforeseen incident. Apart from this overall coverage, a comprehensive plan often allows you to claim damages to your bike in case of riots, terrorist activities, storms, landslides and other natural calamities.
Why is insurance for your bike important?
Bike insurance is important for a number of reasons. These include,
• Ensuring that the two-wheeler can be repaired without you having to bear the cost of the repair work.
• Ensuring that the third-party involved in the accident does not suffer a huge loss as a result of the same.
• Bike insurance is also legally mandated and any two-wheeler without proper insurance coverage can be booked or fined by the law.
Just like you invest in a good health insurance for the safety of your family, an insurance for your new two-wheeler will ensure that your bike or scooter stays safe on the road. By paying a very reasonable premium amount, you can save a larger sum of money when it comes to repairing the vehicle after an accident.
While applying for the bike insurance online, remember to check the no-claim bonus options and other aspects of the plan. You can modify the coverage of most plans in order to get the kind of coverage you desire for your two-wheeler.
No comments:
Post a Comment